Flip that mansion: investors see riches in luxury US homes

Jan Brzeski stands in a sun-filled, beautifully refurbished living room high in the Hollywood Hills, looking out at a swimming pool and, kilometres below, stunning views of Los Angeles.Brzeski is a private money lender running an investment firm in Los Angeles that provides loans to house flippers - investors who buy a home, refurbish it, and sell it at a profit. Many flippers turn to money lenders because they cannot get banks to provide such short-term, quick financing.Between 2011 and today, flips of homes valued at $US1 million or more have risen almost 40 per cent across the United States Standing with Brzeski is Scott Ryan, the realtor who bought this four-bedroom, five-bathroom house in December 2012 for $US1.5 million ($1.63 million) - with money lent by Brzeski - and has transformed it with another $US600,000. This week the property will go on the market at $US3.295 million. http://m.smh.com.au/business/world-business/investors-see-riches-in-luxury-us-homes-20130812-2rqqf.html